Finger Lakes wins state 'Hot Spot' awards for new business

The Finger Lakes Innovation Hot Spot is a strategic partnership between High Tech Rochester, Rochester Institute of Technology and the University of Rochester.

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By Julie Sherwood

MPNnow

By Julie Sherwood

Posted Dec. 12, 2013 at 6:01 PM

By Julie Sherwood

Posted Dec. 12, 2013 at 6:01 PM

The Finger Lakes region is one of five regions (called Hot Spots) statewide that will receive up to $250,000 annually in state funds to help young firms with legal, technical and business support services, Empire State Development announced Thursday.

Western New York, Finger Lakes, Southern Tier, Central New York and North Country regions were each designated in this first round of the Innovation Hot Spots program.

The program is a new facet of the Regional Economic Development Council initiative in 2013. The Innovation Hot Spots Competition is designed to make New York State a leader in growing new technology-based companies, according to a release. The Hot Spots are expected to foster innovation by offering start-up business support services. Those include turning academic research into saleable products and services, along with improving collaboration between business and academia.

The Finger Lakes Innovation Hot Spot is a strategic partnership between High Tech Rochester, Rochester Institute of Technology and the University of Rochester. The goal is to leverage each of their respective strengths to improve all the services and entrepreneurial activities in the Finger Lakes region. The goal is to double the number of start-ups graduating within three years.

In the Southern Tier, the Hot Spot creates a public-private partnership between Cornell University, SUNY Binghamton and Corning Inc. with similar goals.